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Commission Implementing Regulation (EU) 2024/1673 of 6 June 2024 laying down rules for the application of Council Regulation (EU) No 833/2014 as regards reporting and the implementation of revenue operations for the financial contribution due to the Union

Implementing Regulation (EU) 2024/1673 · Regulation · 10 articles

Data as of 2026-07-04 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

CHAPTER I — GENERAL PROVISIONS

Subject matter

Article 1

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This Regulation lays down specific detailed rules for: (a) reporting to the Commission and the national supervisory authorities; and (b) the implementation of revenue operations.

Definitions

Article 2

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For the purposes of this Regulation, the following definitions shall apply: (1) ‘central securities depositories’ means legal persons as defined in point 1 of Article 2(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council ( 4 ) , and subject to the obligations set out in paragraphs 8 to 12 of Article 5a of Regulation (EU) No 833/2014; (2) ‘financial contribution’ means the financial contribution referred to in the second subparagraph of Article 5a(9) of Regulation (EU) No 833/2014; (3) ‘national supervisory authorities’ means the authorities designated by a Member State pursuant to Article 11 of Regulation (EU) No 909/2014 responsible for supervising the central securities depositories as defined in point 1; (4) ‘interim financial report’ means the interim financial report referred to in the first subparagraph of Article 5a(11) of Regulation (EU) No 833/2014; (5) ‘statutory audit’ means an audit of annual financial statements or consolidated financial statements as defined in Article 2(1) of Directive 2006/43/EC of the European Parliament and of the Council ( 5 ) .

CHAPTER II — REPORTING

General rules

Article 3

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1. For the purpose of separate accounting for cash balances, revenues and net profits set out in Article 5a(8) of Regulation (EU) No 833/2014, the central securities depositories’ standard reports shall be used to the extent possible. 2. The reports to be submitted to the Commission shall be prepared on the basis of the accounting rules applied by the central securities depositories. 3. Reports to be submitted to the Commission shall be expressed in euro. These reports may be drawn from financial statements denominated in other currencies as per the central securities depositories’ requirements. Where necessary, amounts shall be converted into euro. In this case the reports should indicate the foreign exchange rates used. 4. The reports, forecasts and information referred to in Articles 4 to 6 shall be submitted to the Commission electronically signed with qualified electronic signature as defined in Regulation (EU) No 910/2014 of the European Parliament and of the Council ( 6 ) to the addresses communicated by the Commission. 5. The central securities depositories shall keep financial and accounting documents concerning the financial contribution for a term of five years following the final approval of the accounts. Records and documents pertaining to audits, appeals, litigation, the pursuit of claims relating to legal commitments or pertaining to investigations shall be retained until such audits, appeals, litigation, pursuit of claims or investigations have been closed.

Interim financial report

Article 4

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1. The central securities depositories shall submit to the Commission and to the national supervisory authorities the interim financial report in respect of the period from 1 January to 30 June, at the latest on the first working day after 25 July of the same year and in respect of the period from 1 July to 31 December at the latest on the first working day after 25 March of the following year. The interim financial report for the period from 1 January to 30 June 2024 shall be submitted at the latest on the first working day after 19 July 2024 and shall reflect the fact that the rules in paragraphs 8 to 14 of Article 5a of Regulation (EU) No 833/2014 apply from 15 February 2024. 2. The interim financial report shall disclose: (a) the cash balances, revenues and expenses referred to in points (a), (b) and (c) of Article 5a(8) of Regulation (EU) No 833/2014, as well as accruals for corporate tax under the general regime of the Member State concerned for the respective semester; (b) the net profits referred to in point (c) of Article 5a(8) of Regulation (EU) No 833/2014. 3. The central securities depositories shall determine in the interim financial report the financial contribution, reduced by the amounts provisionally retained pursuant to points (a), (b) and (c) of Article 5a(10) of that Regulation and, where appropriate increased by the amounts to be transferred to the Union pursuant to Article 9. 4. The central securities depositories shall submit to the Commission an indicative, non-binding forecast of the amounts of the financial contribution due to the Union at the latest on the first working day after the 25th day of the month following each quarter.

Audited financial statements and reports

Article 5

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1. The central securities depositories shall submit to the Commission and to national supervisory authorities the statutory annual financial statements, established in accordance with the applicable national standards and audited by a statutory auditor in line with Directive 2006/43/EC, by 31 May of the year n+1 in respect of the year n. 2. The statutory audited annual financial statements shall separately disclose the total amount of cash balances, revenues, net profits referred to in points (a), (b) and (c) of Article 5a(8) of Regulation (EU) No 833/2014 respectively. 3. The central securities depositories shall submit to the Commission and to the national supervisory authorities, together with the statutory audited annual financial statements, a separate report setting out: (a) the annual amounts provisionally retained by the central securities depositories, which constitute liabilities towards the Union pursuant to point (a) of Article 5a(10) of Regulation (EU) No 833/2014 unless they are used in accordance with point (d) of Article 5a(10) of that Regulation; (b) the cumulated total amounts remaining provisionally retained according to Article 5a(10) of Regulation (EU) No 833/2014; (c) the amounts which ceased to be due to the Union pursuant to point (d) of Article 5a(10) of Regulation (EU) No 833/2014; (d) the total financial contribution in respect of the year n: (i) reduced by the amount provisionally retained pursuant to points (a), (b) and (c) of Article 5a(10) of Regulation (EU) No 833/2014; (ii) increased by the amounts to be transferred to the Union pursuant to points (e) and (f) of Article 5a(10) of Regulation (EU) No 833/2014. (e) the breakdown by currency of denomination of the cash balances and revenues referred to in the previous paragraph and in point (a) of Article 4(2). This report should be accompanied by an assurance report from the central securities depositories’ statutory auditor and reconciled with the annual statutory financial statements. 4. The central securities depositories shall, upon request of the Commission, submit to it any additional information related to the financial statements or reporting referred to in this Article.

Reporting by central securities depositories and national supervisory authorities on the amounts provisionally retained

Article 6

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1. The central securities depositories shall submit to the Commission and national supervisory authorities, together with each of the interim financial reports referred to in Article 4 and the audited financial statements and reports referred to in Article 5, a separate document setting out: (a) the assumptions and any other necessary information used to determine the amount of the financial contribution provisionally retained pursuant to points (a), (b) and (c) of Article 5a(10) of Regulation (EU) No 833/2014; (b) information on the use of the amounts provisionally retained in accordance with point (d) of Article 5a(10) of Regulation (EU) No 833/2014. The information referred to in point (b) of the first subparagraph of this Article shall comprise a detailed quantification of the expenses, risks and losses incurred or provisioned due to the war in Ukraine with regard to the assets held by these central securities depositories, and of the amounts thereof which can be covered by the internal resources of the central securities depositories at the time of their occurrence. 2. The information by the national supervisory authorities about its decision pursuant to point (e) of Article 5a(10) of Regulation (EU) No 833/2014 that amounts provisionally retained or part of those amounts are still needed to meet risk management requirements in view of the impact due to the war in Ukraine with regard to the assets held by central securities depositories, shall comprise a detailed description of those needs and their estimate and assumptions used for the estimate, together with any additional information that the national supervisory authorities may deem relevant. The national supervisory authorities shall immediately notify the Commission of any supervisory or other measure it adopts in respect of the central securities depositories which may affect the amounts retained pursuant to Article 5a(10) of Regulation (EU) No 833/2014. 3. The national supervisory authorities shall, upon request of the Commission, submit to it without any delay any additional information related to the quantification of the expenses, risks and losses incurred or provisioned due to the war in Ukraine with regard to the assets held by the central securities depositories, or to the quantification of internal resources used to cover these risks. The central securities depositories and the national supervisory authorities shall cooperate with the Commission in respect of the exchange of information used for the decision on the retained amounts.

CHAPTER III — REVENUE OPERATIONS

Payment of the financial contribution

Article 7

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After having examined the interim financial report referred to in Article 4 of this Regulation, the Commission shall send a debit note in accordance with Article 98(4) of Regulation (EU, Euratom) 2018/1046 biannually to call the financial contribution due. The central securities depositories shall pay the financial contribution at the latest within 5 working days from the date of the call for the financial contribution. The amounts called biannually shall: (a) be increased or decreased, where appropriate, by the amount resulting from the reconciliation of the financial contribution paid in the previous year with the definitive amount due on the basis of the audited financial statements for that year, referred to in Article 5 of this Regulation; and (b) include the amount provisionally retained that is not needed any more to meet risk management requirements and was reported by the central securities depositories pursuant to point (d)(ii) of Article 5(3) of this Regulation.

Reconciliation of the financial contribution paid with definitive amounts due

Article 8

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1. The Commission shall establish the definitive amount of the financial contribution due in respect of a given year on the basis of the statutory audited annual financial statements. 2. If the annual amount of the financial contribution due for a given year, where appropriate reduced by the amounts provisionally retained pursuant to points (a), (b) and (c) of Article 5a(10) of Regulation (EU) No 833/2014 and, where appropriate increased by the amounts to be transferred to the Union pursuant to Article 9, is lower than the sum of the amounts of the biannual payments made in respect of this year pursuant to Article 7 of this Regulation, the difference shall be deducted from the next payment due by the central securities depositories to the Union. 3. The amount due by the central securities depositories resulting from the netting pursuant to the previous sentence shall not be lower than zero. 4. If the annual amount of the financial contribution due for a given year, where appropriate reduced by the amounts provisionally retained pursuant to points (a), (b) and (c) of Article 5a(10) of Regulation (EU) No 833/2014 and, where appropriate increased by the amounts to be transferred to the Union pursuant to Article 9, is higher than the sum of the amounts of the biannual payments made in respect of this year pursuant to Article 7 of this Regulation, the Commission shall add the amount of the difference to the next payment due by the central securities depositories to the Union or send a separate debit note in accordance with Article 98(4) of Regulation (EU, Euratom) 2018/1046 concerning this amount if no further biannual payment is due by the central securities depositories.

Transfer of the amounts provisionally retained

Article 9

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Once informed by the central securities depositories pursuant to the second subparagraph of Article 5a(11) of Regulation (EU) No 833/2014 that amounts provisionally withheld are not needed any more to meet risk management requirements in view of the impact due to the war in Ukraine with regard to the assets held by central securities depositories, the Commission shall add those amounts to the next payment due by the central securities depositories to the Union pursuant to Article 7 or send a separate debit note in accordance with Article 98(4) of Regulation (EU, Euratom) 2018/1046 concerning this amount if no further biannual payment is due by the central securities depositories. This separate debit note may also include, where appropriate, a reconciliation of the biannual financial contributions paid with the definitive amounts due referred to in Article 8.

CHAPTER IV — FINAL PROVISIONS

Entry into force

Article 10

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This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union .

Other acts of the same type

Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.

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